Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2015

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income (loss) are as follows:

	Before-Tax			Tax Expense (Benefit)			After-Tax
	(In thousands)
Three Months Ended June 30, 2015
Net unrealized loss on marketable securities	$	(63	)	$	(25	)	$	(38	)
Net unrealized loss on hedging instruments	(5,809		)	(2,300		)	(3,509		)
Other comprehensive loss	(5,872		)	(2,325		)	(3,547		)
Less other comprehensive income attributable to noncontrolling interest	135			—			135
Other comprehensive loss attributable to HollyFrontier stockholders	$	(6,007	)	$	(2,325	)	$	(3,682	)
Three Months Ended June 30, 2014
Net unrealized gain on marketable securities	$	25		$	17		$	8
Net unrealized gain on hedging instruments	34,315			13,400			20,915
Other comprehensive income	34,340			13,417			20,923
Less other comprehensive loss attributable to noncontrolling interest	(453		)	—			(453		)
Other comprehensive income attributable to HollyFrontier stockholders	$	34,793		$	13,417		$	21,376
Six Months Ended June 30, 2015
Net unrealized gain on marketable securities	$	5		$	2		$	3
Net unrealized loss on hedging instruments	(25,128		)	(9,602		)	(15,526		)
Other comprehensive loss	(25,123		)	(9,600		)	(15,523		)
Less other comprehensive loss attributable to noncontrolling interest	(319		)	—			(319		)
Other comprehensive loss attributable to HollyFrontier stockholders	$	(24,804	)	$	(9,600	)	$	(15,204	)
Six Months Ended June 30, 2014
Net unrealized gain on marketable securities	$	36		$	14		$	22
Net unrealized gain on hedging instruments	121,398			47,143			74,255
Net change in pension and other post-retirement benefit obligations	(89		)	(35		)	(54		)
Other comprehensive income	121,345			47,122			74,223
Less other comprehensive loss attributable to noncontrolling interest	(395		)	—			(395		)
Other comprehensive income attributable to HollyFrontier stockholders	$	121,740		$	47,122		$	74,618

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	(In thousands)
	Three Months Ended June 30,
	2015			2014
Marketable securities	$	6		$	—		Interest income
	2			—			Income tax expense
	4			—			Net of tax
Hedging instruments:
Commodity price swaps	49,752			(48,942		)	Sales and other revenues
	(30,964		)	61,124			Cost of products sold
	(4,256		)	745			Operating expenses
Interest rate swaps	(528		)	(553		)	Interest expense
	14,004			12,374
	5,543			4,918			Income tax expense
	8,461			7,456			Net of tax
	320			335			Noncontrolling interest
	8,781			7,791			Net of tax and noncontrolling interest
Total reclassifications for the period	$	8,785		$	7,791
	Six Months Ended June 30,
	2015			2014
Marketable securities	$	4		$	1		Interest income
	42			—			Gain on sale of assets
	46			1
	18			—			Income tax expense
	28			1			Net of tax
Hedging instruments:
Commodity price swaps	98,932			(74,273		)	Sales and other revenues
	(71,733		)	90,441			Cost of products sold
	(8,245		)	2,249			Operating expenses
Interest rate swaps	(1,059		)	(1,091		)	Interest expense
	17,895			17,326
	7,174			6,961			Income tax expense
	10,721			10,365			Net of tax
	642			661			Noncontrolling interest
	11,363			11,026			Net of tax and noncontrolling interest
Total reclassifications for the period	$	11,391		$	11,027

Accumulated other comprehensive income in the equity section of our consolidated balance sheets includes:

	June 30, 2015			December 31, 2014
	(In thousands)
Unrealized gain on post-retirement benefit obligations	$	20,689		$	20,689
Unrealized loss on marketable securities	(82		)	(85		)
Unrealized gain (loss) on hedging instruments, net of noncontrolling interest	(7,917		)	7,290
Accumulated other comprehensive income	$	12,690		$	27,894